[ET Net News Agency, 8 July 2020] Daiwa Research maintained its target price for Nine
Dragons Paper (NDP)(02689) unchanged at HK$10 but upgraded its rating to "buy" from
"outperform" on an undemanding valuation.
The research house believes NDP is well-positioned to emerge stronger than ever after
two consecutive years of abnormal industry disruptions (US-China trade war in FY2019 and
COVID-19 in FY2020).
Daiwa expects a sales volume of 6.77m in 2H FY2020, which would represent a 3% increase.
End-demand appears to be exceptionally strong in June and July as Daiwa noticed the
company has announced price hikes 7 times since 25 May. It raised its FY2021-22 EPS
forecasts by 6-8% on the improving pricing power of NDP. (KL)
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02689 ND PAPER
Nominal 
3.200 -0.030 (-0.929%) Others
08/07/2020 10:50
{I-bank focus}Daiwa ups Nine Dragons Paper (02689) to "buy"
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